11 September 2008The Bond Exchange of South Africa (Besa) has secured the necessary approvals in support of its rights issue to raise new capital, with underwriting partners that include the New Zealand Exchange, local banks and other financial institutions securing the transaction.“We are tremendously excited by what the fresh capital injection and new partners will deliver for our business,” Besa chief executive Garth Greubel said in a statement last week.“The effect of this transaction is to significantly strengthen our shareholder and capital base, with certain strategic partners also being represented on the board, while maintaining our commitment to the bond market and existing shareholders.”The rights issue is the second phase of Besa’s development strategy, following the exchange’s demutualisation in 2007.After the rights issue, at least 30% of Besa’s equity will be held by strategic partners, providing valuable support in order to execute the exchange’s vision of building better markets. Formalities relating to the transaction will be concluded at Besa’s annual general meeting towards the end of September.BondClear projectAccording to Besa, a project that will contribute significantly in driving growth is BondClear, a new central counterparty clearing house that it is presently establishing. BondClear will provide clearing and central counterparty (CCP) services to South African financial markets, initially for interest-rate derivatives listed on the bond exchange.“We are optimistic about BondClear, in which NASDAQ OMX is a direct shareholder,” Greubel said. “NASDAQ OMX is one of the world’s largest exchange companies, with trading technology capabilities across six continents.”Shareholder and market support for the rights, the BondClear project and other strategic initiatives that Besa is undertaking have been positive, while company management has already received irrevocable commitments in writing from shareholders, in excess of the necessary requirements, approving the capitalisation transaction.Strong market performanceAccording to Besa, these initiatives are being undertaken against the backdrop of strong market performance in the exchange’s core bonds franchise.Annual bond market turnover topped R13.8-trillion in calendar 2007. During 2008 bond turnover surged, with a record monthly figure of R1.486-trillion reported in February.This has since been consistently exceeded from May through to August, when turnover reached a new record R1.956-trillion for the month. It is anticipated that turnover will top R17-trillion for 2008, representing an annualised velocity of 28 times market cap.Besa now faced one of the most exciting and ambitious phases in the company’s development as an exchange, Greubel said.“Our new capital will leave us well positioned to drive value through our existing core business and extend our set of products and services to financial market participants, as well as accelerating financial market infrastructure development in South Africa,” he said.“We are excited by what the future holds for us as a business and the positive contribution it will make towards strengthening competition in South African financial markets.”SAinfo reporter Would you like to use this article in your publicationor on your website?See: Using SAinfo material
Philippines’ flagbearer Jordan Clarkson leads the delegation during the opening ceremony of the 2018 Asian Games at the Gelora Bung Karno main stadium in Jakarta on August 18, 2018. / AFP PHOTO / CHAIDEER MAHYUDDINJAKARTA—The men’s and women’s poomsae teams lost in the semifinals on Sunday afternoon and settled for bronze medals that put the Philippines on the medal tally of the Asian Games that got off in earnest after jaw-dropping opening ceremonies the night before for its 18th edition.A long production number featuring the athletes and artists that have put host Indonesia on the sporting and entertainment maps highlighted the two-hour show.After being part of the glitz of the proceedings, Filipino athletes buckled down to work.ADVERTISEMENT Peza offers relief to ecozone firms Next up for the volleybelles are the Japanese, another regional force, on Tuesday.“Hopefully our performance improves against Japan,” coach Shaq delos Santos said.Gilas Pilipinas joined the opening parade and its foremost star, Jordan Clarkson, carried the flag for the delegation.The cagers were back in their elements and had a two-hour practice at Plaza Festival gym as they prepare for a mammoth clash with gold medal favorite China, also on Tuesday.And while all these were happening, the Philippine Olympic Committee (POC) issued a statement blasting the University of the East College of Dentistry for supposedly not giving cyclist Marella Salamat permission to compete despite being a bright medal prospect.“The decision of UE is deplorable,” POC president Ricky Vargas said in the statement, although there were reports later in the day that claimed it was Salamat’s decision not to join the Games to avoid falling too far behind in her academics.ADVERTISEMENT Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Etheridge continues to impress Gov’t in no rush to rescue animals in Taal Dustin Jacob Mella, Jeordan Dominguez and Rodolfo Reyes Jr. bowed to a Chinese trio in the men’s event, 8.180-7.830, to head to the door after the semifinals, before the female trio of Janna Oliva, Rinna Babanto and Juvenile Faye Crisostomo suffered the same fate at the hands of Korea, 8.020-7.110.Still, it was a good start for the Philippine contingent, which missed some athletes in the opening ceremonies after they opted to rest to prepare for crucial games the following day.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSTim Cone still willing to coach Gilas but admits decision won’t be ‘simple yes or no’The women’s volleyball team was among those who skipped the ceremonies, but still couldn’t stop a dominating performance by world-rated Thailand, bowing, 25-22, 25-12, 25-15, in its first game back at this level since 1982.Team Philippines couldn’t sustain a 9-2 start and lost after over 70 minutes, winning just 27 points in the last two sets with faulty reception, several service errors and its failure to solve the unrelenting Thai defense. 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In Palembang, shooter Hagen Tolentino hit all 25 targets in each of his last two rounds and finished with 71 points, tying for third with six foreigners in the trap event at Jakabaring Sport City.The 28-year-old Tolentino, sharp in the final two rounds, will have a good momentum heading into the final two rounds of classification Monday as he tries to erase a one-point gap with joint leaders Sandhu Singh of India and Pakistan’s Aamer Iqbal.Jeson Patrombon took two victories in tennis on a sweltering afternoon, winning his opening singles match against Timor Leste’s Nazario Guzmao, 6-1, 6-0, before teaming up with Francis Casey Alcantara for a 6-4, 6-2 doubles victory over Qatar’s Jabar Al-Matuwa and Mubarak Zayid.Patrombon will clash with 12th-ranked Wu Yibing of China, while his partnership with Alcantara will battle No. 4 Chen-Ti and Peng Shin-Yin of Chinese Taipei.The top-ranked mixed doubles pair of Khamran Kaur Thandy and Divij Sharan of India, meanwhile, sent Alberto Lim Jr.-Jade Capadocia pair to the showers after a 6-4, 6-4 win.Sports Related Videospowered by AdSparcRead Next Judy Ann’s 1st project for 2020 is giving her a ‘stomachache’ DepEd’s Taal challenge: 30K students displaced ‘High crimes and misdemeanors’: Trump impeachment trial begins Don’t miss out on the latest news and information. 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Follow the news on Algeria Organisation AlgeriaMiddle East – North Africa May 18, 2021 Find out more Algeria pressures reporters by delaying renewal of accreditation Algeria : Reporter jailed after covering Tuareg protests in southern Algeria News Reporters Without Borders has called for the immediate release of Hafnaoui Ghoul, a correspondent for the daily El Youm in Djelfa, 150 kilometres south of Algiers. The journalist was placed in preventive detention on the evening of 24 May 2004 and was later sentenced to six months in prison with no parolefor defamation. The organisation condemns the government’s ongoing efforts to silence the press throughout the country.”Unfortunately, the fears raised by Reporters sans frontières on 24 May concerning Hafnaoui Ghoul were well founded. After receiving death threats because of his investigations, the journalist has now been imprisoned following a summary trial. His incarceration is an attempt to silence local correspondents, who continue to pay a heavy price for reporting on corruption by the authorities and local public figures. While the government continues to target private media owners and journalists in Algiers, it also continues to increase pressure on the media in the provinces. The authorities strive to ensure that the country’s image in the press matches the official line, which claims that the crisis has ended and everything is going well in the country since President Bouteflika’s re-election. This situation is very dangerous for press freedom,” the organisation said.On the evening of 24 May, Ghoul was arrested by plainclothes police officers while leaving his home. Held under a committal order on the basis of a complaint filed by Djelfa’s police chief, the journalist was incarcerated immediately. On 26 May, following a summary trial, he was sentenced to six months in prison with no parole and fined 50,000 dinars (approx. US$700; 600 euros). Moreover, he still faces trial for several other defamation complaints filed by the police chief. The complaints relate to interviews in the Le Soir d’Algérie and Le Matin dailies and a report published in El Djazaïr News in which Ghoul criticised the repression of correspondents and corruption cases in Djelfa.A historian who runs the Algerian League of Human Rights’ (Ligue algérienne des droits de l’homme, LADDH) regional office, Ghoul had been under house arrest since 15 February 2003. He has faced ongoing pressure from the local administration and security services because of his reports, including stories on the deaths of 13 babies in Djelfa’s hospital and the local police chief’s abuse of power.Reporters Without Borders is also very worried about the ongoing persecution of the daily Le Matin. The organisation hopes Algiers’ El Harrach tribunal will end the long campaign of harassment against the paper when “Le Matin” director Mohamed Benchicou appears before the court on 31 May. May 28, 2004 – Updated on January 20, 2016 Journalist Hafnaoui Ghoul receives six-month prison sentence for defamation Receive email alerts to go further AlgeriaMiddle East – North Africa Harassment of Algerian reporters intensifies in run-up to parliamentary elections News News May 12, 2021 Find out more RSF_en April 29, 2021 Find out more Help by sharing this information News
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